The UK economy expanded by 0.1% on the quarter in the final three months of 2022 vs. 0% prior, the final revision confirmed on Friday. The market consensus stood at 0% in the fourth quarter.
Britain’s annual GDP rate grew by 0.6% in Q4 vs. 0.4% printed in the first estimate while missing 0.4% expectations.
Meanwhile, the UK Q4 Current Account arrived at £-2.483 when compared to the £-17.6B expected and the third quarter’s £-12.744B.
The country’s Total Business Investment data for Q4 came in at -0.2% QoQ and 1.08% YoY.
FX implications
GBP/USD remains uninspired by the upward revision to the UK growth numbers. The pair was last seen trading near daily lows at 1.2380, modestly flat on the day.
About the UK GDP
The Gross Domestic Product released by the Office for National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered a broad measure of the UK's economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
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